DISCIosure
15. Following is an example of an accounting policy
(a) Realisation
(b) Objectivity
(c) Accounting Period
(d) Recognition of profit on long-term contracts
Answers
Explanation:
We call these accounting concepts or accounting concepts and principles. ... The time period is mentioned in the financial statements. ... But only realized profits are recognized
(C) Accounting period.
Accounting policies are the set of rules and policies set by an organization in its business for the smooth running of business operations and so that their will be no chaos in the management of business.
the correct option is (c), accounting period is an example of accounting policy. a accounting period is a period of twelve months for a business. organizations can change their accounting period as per their needs but they need to disclose about all the facts and effects in long term after changing the accounting policy in its balance sheet.